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Although there are many studies of the collaboration between academia and industry in developed countries explaining the phenomenon and prescribing best practices, the findings cannot be extrapolated to developing countries. This article fills the gap by studying these interactions for the case of Mexico. To study these interactions, we performed a state‐of‐the‐art matrix analysis to obtain internal, structural, and environmental factors from literature. Then, an interpretative structural framework was built as a model to identify opportunities in the collaboration process. The results are presented in a map that describes how each element influences the others and highlights opportunities for improvement. The model shows that industry triggers collaboration and presents a highly complex internal organization for the academy. This study helps decision makers in government, the academy, and industry to understand the elements and how the system works to develop strategies that promote more effective collaboration.

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